Terra seems nowhere near concerned regarding the ongoing crypto dip. Instead, it topped up its bitcoin reserves with an additional purchase of $100 million worth of the asset.
- Earlier this year, Do Kwon – Founder and CEO of Terraform Labs – revealed the company’s intentions to introduce a stablecoin (UST), which will be backed by bitcoin reserves worth in total of $10 billion instead of fiat currency.
- The top executive asserted that the protocol will accumulate the significant amount of assets in time. Shortly after, Terra went on its buying spree. The first two transactions happened in March – both for approximately 1,500 BTC.
- Shortly after, the project purchased 2,943 BTC in a single transaction, worth around $140 million at the moment of the settlement.
- The protocol continued to amass more bitcoin in April. At the beginning of the month, it bought $230 million in BTC. A few days later, the Luna Foundation Guard (LFG) pool purchased an additional $176 worth of the primary cryptocurrency.
- Over the last several days, bitcoin’s price went on a downtrend. Moreover, it tumbled below $40,000, dropping to its lowest level since March, but that has not deterred Terra.
- Earlier on April 13, Do Kwon disclosed that Luna Foundation Guard purchased $100 million worth of bitcoin for its UST reserves.
Current balance avail here: https://t.co/UNmWPOq7Vh
— Do Kwon 🌕 (@stablekwon) April 13, 2022
- Adding the latest transaction to the equation, the protocol now holds 42,406.92 BTC. Calculated at current prices, this equals over $1.7 billion.